Weekly Petroleum Report -- 2/7/2013

February 7, 2013 04:20 AM
 

 Crude Oil -- crprfuts2 7

WTI Crude futures moved lower during the report week in a wide $3.00 range falling from Friday's high for $98.10 to establish strong support yesterday -- 2/6 -- at $95.10. Domestic crude supply was up, adding 2.6 million barrels to a 371.7 million barrel supply. 32.4 million barrels over year-ago -- crude stocks remain well above the five-year supply average.

Currently March 2013 WTI Crude up $0.01 on the day to $96.63 -- ranging so far today from $96.36 to $97.21.

The U.S. Coast Guard responded to a spill on the Mississippi River of light crude last weekend. Cleanup efforts had a 16 mile stretch of the river closed, but the Coast Guard has reopened the River to tug traffic. Estimates have the spill as totaling around 7000 gallons of light crude. The damaged vessel is being repaired at a nearby facility -- the Vicksburg Rail Bridge was undamaged by the allision and rail traffic was uninterrupted.

 

Propane --prress2 7

U.S. Propane stocks fell 2.6 million barrels to end at 54.9 million barrels last week, 8.2 million barrels (18 percent) higher than a year ago and comfortably above the top of the five-year average. Midwest regional inventories dropped by 1.4 million barrels, while East Coast inventories declined by 0.7 million barrels. Gulf Coast stocks dropped by 0.2 million barrels, and stocks in the Rocky Mountain/West Coast region also declined by 0.2 million barrels.

Propylene non-fuel-use inventories represented 5.4 percent of total propane inventories.

Retail propane upticked slightly adding $0.003 to $2.477 -- nearly 40 cents higher than year-ago. On farm LP moved slightly higher regionally during the week adding $0.011 to $1.443 per gallon.

Distillate --disstuss2 7

Distillate supply fell 1.0 million barrels week-over -- shedding 17.0 million barrels year-over. The seasonal drawdown is partially due to continuing cooler weather across the northern plains, but also high export demand.

Retail farm diesel pricing responded to the drawdown over the report week showing gains for the first time in several weeks. Farm diesel up $0.005 to $3.432 regionally -- highway diesel also up adding a dime nationally to $4.02 per gallon.

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